These are the companies and the amounts that have been announced so far!
- Ford $5.9 billion.....for will use the money to retool five plants, which will improve the mileage of two million cars produced annually.
- Nissan $1.6 billion....to modify its Tennessee plant to produce zero-emission electric vehicles and the lithium-ion battery packs. They estimate that production will eventually ramp up to 150,000 electric vehicles annually. Currently, Nissan manufacturers their full size pickup and SUV's at the plant.
- Tesla $465 million....which will be used to build the Model S plant in Hawthorne, California.
Additional funds will be allocated to both large and small manufacturers and part suppliers per Secretary of Energy Steven Chu. The Department of Energy has indicated that these upgrades should lead to fuel savings of more than 20 million gallons per year.
President Obama has set a new direction with fuel efficiency with the new CAFE standards. Now his backing up his new laws with something to help the beleaguered auto industry.
The U.S. has mismanaged it's energy policy for the last forty years....now that oil is getting expensive we are having to pay the piper....higher energy prices. Brazil has gone from a substantial importer of oil to an exporter of ethanol. They have managed their energy policies wisely!
The importation of substantial amounts of oil is depleting the U.S. of substantial amounts of cash....if this goes on for to long it will be the largest transfer of wealth in modern history. Translated that means that the U.S. will become a second rate country with the living style to match.
So, I support President Obama and Energy Secretary Chu in doing the right thing! We as a country need to find ways to improve our energy usage and eventually achieve energy Independence. This is such a major project that only the government involvement will allow it to happen.
This maybe the second step to the revitalization of the U.S. auto industry....and the possible resurgence of American automobile production.